Economic News

Top consumer complaints tied to areas of economic distress

(8/12/2010) Erate Exclusive - It's not surprising that the types of companies that contributed to the economic downturn remain at the top of consumers' complaints list.

They just don't seem to be able to get their act together, according to "Nation's Top 10 Consumer Complaints" a study of 2010 consumer complaints from 31 consumer agencies in 18 states by the Consumer Federation of America (CFA), the National Association of Consumer Agency Administrators (NACAA), and the North American Consumer Protection Investigators (NACPI).

As in the 2009 survey, complaints about credit and debt were second only to auto-related complaints. Fraud also appeared as a new category in the top ten.

The agencies surveyed received more than 252,000 complaints in total in 2010 and collectively obtained in excess of $208 million in restitution and savings for consumers.

While no single type of complaint stood out as the fastest-growing or absolute top in 2010, many consumer complaints were related to the difficult financial situations that consumers and businesses face, including issues with mortgages, housing and credit, the report said.

Here's a list of the top 2010 complaint categories with their 2009 ranking noted in parenthesis. Some 2010 complaint categories tied for the same position.

The list is a reminder that consumers must be vigilant when purchasing goods and services, especially from those with the highest level of complaints.

1. Auto (1) - Leasing and towing disputes, misrepresentations in advertising or sales of new and used cars, lemons and faulty repairs.

2. Credit/Debt (2) - Mortgage-related fraud, predatory lending, credit repair, debt relief services, illegal or abusive debt collection tactics, billing and fee disputes.

3. Home Improvement/Construction (3) - Shoddy work, failure to start or complete the job.

3. Retail Sales (5) - False advertising, deceptive practices, defective merchandise, rebate problems, coupon issues, gift cards and gift certificates, failure to deliver.

4. Utilities (4) - Service problems or billing disputes with phone, cable, satellite, Internet, electric and gas service.

5. Services (6) - Misrepresentations, shoddy work, failure to have required licenses, failure to perform.

6. Internet Sales (7) - Misrepresentations or other deceptive practice, failure to deliver online purchases.

7. Household Goods (8) - Misrepresentations, failure to deliver, faulty repairs in connection with furniture or appliances.

8. Landlord/Tenant (8) - Unhealthy or unsafe conditions, failure to make repairs or provide promised amenities, deposit and rent disputes, illegal eviction tactics.

9. Fraud (Not in top 10 last year.) - Bogus sweepstakes and lotteries, work-at-home schemes, and other scams.

10. Home Solicitations (9) - Misrepresentations or failure to deliver in door-to-door, telemarketing or mail solicitations, do-not-call violations.

"Much of what state and local consumer protection agencies do, from preventing rip-offs to mediating individual complaints, goes unheralded" said Susan Grant, CFA Director of Consumer Protection.

"Our survey shines a spotlight on consumers' everyday problems and the vital role that state and local consumer protection agencies play in helping them and making the marketplace safer for all," she added.

The report also found new types of complaints cropping up or increasing, including,

• Auto - Companies offering to buy consumers' cars but don't pay off the liens on the vehicles or the checks bounce.

• Real estate - "Recovery services" falsely promising to retrieve money consumers lost on timeshares.

Also, tax-related scams in the form of official-looking correspondence offering help, for a fee, with property tax adjustments which are often available for free from the property tax jurisdiction.

• Bank, financial accounts - Major data breaches resulting in barrages of complaints from consumers worried about identity theft.

Also billing disputes involving unauthorized debits to consumers' bank accounts spanning many years.

 

 

 

 

Follow the link to continue reading the related articles.

Mortgage rates eye of Wall Street storm after S&P downgrade

Consumer watchdog opens amid efforts to defang the new agency

Housing to take center stage in 2012 election

S&P/Case-Shiller index confirms 'double-dip,' home buying opportunities

Jobs-housing connection a key indicator to watch

 

Fannie Mae & Jumbo Mortgage Rates

Just One Click! = Current Rate Chart

Pennsylvania Mortgage Rates Current Mortgage Rates - Hawaii Current Mortgage Rates - Alaska West Virginia Mortgage Rates Virginia Mortgage Rates District of Columbia Mortgage Rates Maryland Mortgage Rates Delaware Mortgage Rates New Jersey Mortgage Rates Connecticut Mortgage Rates Rhode Island Mortgage Rates Massachusetts Mortgage Rates New Hampshire Mortgage Rates Vermont Mortgage Rates New Hampshire Mortgage Rates Maine Current Mortgage Rates Vermont Mortgage Rates Current Mortgage Rates - New York Current Mortgage Rates - Michigan Current Interest Rates - Wisconsin Current Mortgage Rates - MINNESOTA Ohio Mortgage Rates Current Mortgage Rates - Kentucky Current Mortgage Rates - Indiana Illinois - Current Mortgage Rates Current Mortgage Rates - Iowa Missouri Mortgage Rates Current Mortgage Rates - North Carolina South Carolina Mortgage Rates Current Mortgage Rates - Florida Current Mortgage Rates - Georgia Current Mortgage Rates - Tennessee Current Mortgage Rates - Alabama Current Mortgage Rates - Mississippi Current Mortgage Rates - Louisiana Current Mortgage Rates - Arkansas Current Mortgage Rates - Oklahoma Current Mortgage Rates - TEXAS Current Mortgage Rates - New Mexico Current Mortgage Rates - Arizona Current Mortgage Rates - Kansas Current Mortgage Rates - Nebraska Current Mortgage Rates - Colorado Current Mortgage Rates - Wyoming South Dakota Mortgage Rates Current Mortgage Rates - North Dakota Current Rates - Montana Idaho Current Rates Washington Mortgage Rates Current Mortgage Rates - Oregon Current Mortgage Rates - Utah Current Mortgage Rates - Nevada Current Mortgage Rates - California

Start by selecting your state





Get the Updated and Improved Mortgage Rates App from ERATE.com

iPad for Mortgage Rates

Foreclosure